Piper Jaffray Reiterates Overweight on Netflix Inc. (NFLX)

Piper Jaffray is out with a research report this morning, where it reiterates its Overweight rating on Netflix Inc. NFLX; it has a $140.00 price target on the stock. The PJ analysts said that the company’s recent earnings report was note as bad am the market’s 14% correction in the name would suggest; Netflix did exceeded Street EPS and raise CY10 EPS guidance. They said that they “remain confident that GM, SAC and churn have the potential to improve as Netflix grows the sub base and subs increasingly transition to streaming instead of DVD by mail.” The PJ analysts also believe that this is a good entry level for the stock and see it as a buying opportunity. The Piper Jaffray analysts said, “We maintain our Overweight rating on NFLX and our price target of $140, based on 38x CY11E EPS.”